Wednesday, 23 May, 2018

IMF raises Saudi Arabia's growth prospects over higher oil prices

Christine Lagarde Speaks To NDTV On State Of Indian Economy Christine Lagarde speaks to NDTV on the state of Indian economy in an exclusive interview
Preston Stone | 22 January, 2018, 19:51

Global growth forecasts for 2018 and 2019 have been revised upward by 0.2 percentage point to 3.9 percent.

"Financial conditions are quite easy, with booming equity markets, low long-term government borrowing costs, compressed corporate spreads, and attractive borrowing terms for emerging market and developing economies", he said.

But it will be short-lived and "will also likely widen the USA current account deficit, strengthen the dollar, and affect worldwide investment flows", he added.

"The global financial crisis may seem firmly behind us, but without prompt action to address structural growth impediments, enhance the inclusiveness of growth, and build policy buffers and resilience, the next downturn will come sooner and be harder to fight", Mr Obstfeld said.

However, it cut its forecast for Spain's growth for 2018 by 0.1 percentage point, saying political uncertainty linked to the Catalonia region's independence push was expected to impact business confidence and demand.

The International Monetary Fund raised its estimate for economic growth in Canada this year as it said US tax cuts are expected to help boost global economic growth.

The 19 countries that use the euro currency collectively grew 2.4 percent in 2017, best since 2007, and will grow 2.2 percent this year, the International Monetary Fund said. The IMF now expects it to expand by 2.7% in 2018, much higher than the 2.3% the fund forecast in October.

It also said that economic activity in Europe and Asia was surprisingly stronger than expected past year, and global growth in 2017 was now estimated to have reached 3.7 percent, 0.1 percentage point higher than the Fund projected in October.

Two cane bombs of 10 kg each found in Bodh Gaya
It may be recalled that in 2013, Bodhgaya had been rocked by a series of explosions in which five persons were injured. Khan also said the bombs have been secured at a "secluded spot" where they will be defused by a bomb disposal squad.

The stronger outlook was attributed to the stronger momentum in domestic demand and higher external demand.

Advanced economies are seeing solid simultaneous growth, and the United States tax reform passed just before Christmas will have a measurable effect, at least for a couple of years. Next year, growth is seen edging up to 2.5% versus 1.9% predicted in October.

Japan saw a rare and large upgrade of five-tenths for this year to 1.2 percent.

This growth percentage will make India among the fastest growing country among emerging economies.

China, which is 2017's growth champion with a growth rate of 6.8 percent, is expected to slow down to 6.6 percent in this year and 6.4 percent next year, according to the Update.

The lender noted that the upward revisions to the global outlook arises primarily from advanced economies, where growth is now expected to exceed 2% in 2018 and 2019.

Early this month, a top International Monetary Fund official said that India is reclaiming its place as a growth leader.

In Latin America, it said growth would be weighed down by an economic collapse in Venezuela despite a pick-up in economic activity in Brazil and Mexico.

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